Joby Aviation (NYSE:JOBY) Stock Price Down 2.6% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s stock price fell 2.6% during mid-day trading on Thursday . The company traded as low as $7.23 and last traded at $7.40. 4,744,415 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 13,122,309 shares. The stock had previously closed at $7.59.

Wall Street Analysts Forecast Growth

JOBY has been the topic of several analyst reports. Canaccord Genuity Group upped their target price on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Needham & Company LLC boosted their target price on shares of Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. HC Wainwright reiterated a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Wednesday, December 18th. Finally, JPMorgan Chase & Co. downgraded shares of Joby Aviation from a “neutral” rating to an “underweight” rating and lifted their price objective for the company from $5.00 to $6.00 in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Joby Aviation presently has an average rating of “Moderate Buy” and a consensus target price of $9.30.

Joby Aviation Trading Down 1.9 %

The business has a 50 day moving average of $8.27 and a two-hundred day moving average of $6.64. The firm has a market cap of $5.70 billion, a P/E ratio of -10.61 and a beta of 2.33.

Insider Activity

In related news, CEO Joeben Bevirt sold 23,886 shares of Joby Aviation stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $8.08, for a total transaction of $192,998.88. Following the completion of the sale, the chief executive officer now directly owns 768,293 shares of the company’s stock, valued at approximately $6,207,807.44. This trade represents a 3.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Didier Papadopoulos sold 6,005 shares of Joby Aviation stock in a transaction on Monday, December 16th. The stock was sold at an average price of $7.65, for a total value of $45,938.25. Following the sale, the insider now directly owns 54,776 shares of the company’s stock, valued at $419,036.40. This represents a 9.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,023,005 shares of company stock valued at $8,667,288 over the last ninety days. 32.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Toyota Motor Corp acquired a new position in shares of Joby Aviation in the 4th quarter valued at approximately $640,259,000. Uber Technologies Inc acquired a new position in Joby Aviation during the fourth quarter valued at approximately $207,842,000. Vanguard Group Inc. lifted its stake in Joby Aviation by 15.8% during the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock worth $380,163,000 after purchasing an additional 6,388,232 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of Joby Aviation by 331.4% in the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company’s stock valued at $34,634,000 after purchasing an additional 3,272,597 shares in the last quarter. Finally, Baillie Gifford & Co. boosted its holdings in shares of Joby Aviation by 4.3% in the 4th quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock valued at $447,412,000 after purchasing an additional 2,281,161 shares in the last quarter. Institutional investors and hedge funds own 52.85% of the company’s stock.

About Joby Aviation

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.